Pre-TGE: Where should the @Almanak__ token be valued? First, let's discuss what Almanak does. - Almanak is a platform that provides autonomous agent-based tools for DeFi users. It helps automate trading, yield optimization, risk management, and portfolio strategies without needing to code everything yourself. One of the main capabilities, "Maximize Yield," has been used heavily recently. - Three months ago, the first autonomous liquidity vault was launched with a yield optimization strategy built using Almanak's AI swarm. In just a short time, we saw it hit the 5m ➡️ 10m cap, and it's now sitting at a humongous 155m+ TVL, consistently delivering close to 10% native APY by rebalancing its position across multiple DeFi protocols. After seeing the success of the Autonomous Liquidity USD Vault, Autonomous Liquidity Plus was launched. It is more degen and has a higher native APY due to this. With combined, it is sitting at close to 155M TVL, marching towards 200M after reaching here from under 100M TVL in just a week. One more special thing about these vaults is that whenever you deposit, you receive shares that are also yield-bearing tokens. You can use them in DeFi, as alUSD has multiple integrations across DeFi. More than $120M is actively being used in DeFi, with the majority (close to $113M) in Pendle. Why does Almanak need a token? - Reward contributors: Strategy creators and liquidity providers earn tokens for helping the platform grow and perform well. - Align incentives: Better-performing strategies and vaults get more rewards, encouraging quality work. - Enable governance: Token holders can vote on key protocol decisions and emissions. - Boost growth: Token rewards attract early users and projects through mechanisms like “Almanak Wars.” - Create utility: Staking tokens provides fee discounts and access to special features. - Support sustainability: Part of the platform’s fees flow back to token holders, tying value to actual usage. What is Token Wars? Token Wars (also called Almanak Wars) is Almanak’s way of directing token emissions through community voting, similar to "Curve Wars" in DeFi. - Projects or vaults compete to attract Almanak token emissions (rewards). - Token holders lock or stake their Almanak tokens to vote on which vaults or strategies should receive more emissions. - External protocols (like other DeFi projects) can bribe or incentivize voters to direct emissions toward vaults that use their tokens or liquidity. - This creates a market for attention and liquidity projects fight (“wars”) to attract votes, which brings more users, liquidity, and usage to Almanak. - User Benefits from Token Wars: - Earn extra rewards by voting with locked tokens on which vaults or projects should receive more emissions. - Can receive bribes or incentives from other protocols for directing votes toward their vaults. - Influence the flow of token rewards and help grow strategies they personally benefit from. - Protocol Benefits from Token Wars: - Attracts new projects that compete to get emissions, driving more liquidity and users to Almanak. - Creates continuous demand for the token, since users must lock or stake it to vote. - Builds a self-sustaining growth loop where more participation increases network effects and ecosystem value. In short: Token Wars = competition for emission rewards. It helps Almanak grow faster while giving token holders real influence and earning opportunities. Tokenomics: VC investors and team members experience an extensive vesting period here, fostering long-term commitment and aligning their interests with the company’s sustained growth and success trajectory. - Team: Linear vesting over 54 months with a 12-month cliff. - VC Investors: Linear vesting over 48 months with a 12-month cliff. - Advisors: Linear vesting over 48 months with a 12-month cliff. - Innovation and Development: 45% at TGE, the rest linearly over 36 months. - Community: 45% at TGE (Early Participation Rewards), the rest linearly over 36 months. Where can we see Almanak token going? Almanak did a token sale on Legion last month at a $90m FDV. From Legion, we will pick a similar DeFAI product that has already done TGE and compare with it. Giza launched its token earlier this year, reaching close to a $300m FDV with less than $1m in TVL, and hit a $500m FDV ATH with only $17.2m in TVL. Now, it sits at $24.77m TVL and around $160m FDV. If we compare this with the Almanak TVL to FDV ratio: - In the current scenario, Almanak has $151m in TVL, which is 6x higher than Giza's $24.77m. This suggests that the Almanak token should be valued at $1B in a bear case because Giza is already more than 70% down from ATH. - In a base case, we could value it around $2.7b FDV, which looks fair for a mid-level valuation. - In the ultimate bull case, where Giza reached its ATH with only $17.2m in TVL, Almanak can be valued at $4.4b FDV, potentially doing 50x from the last Legion round. Almanak Points Program: Almanak has a points program set to end on 23 October. A fixed 333k points are distributed on a pro-rata basis to everyone based on their contribution to the TVL. The points-to-token ratio is approximately 1:1. - Overall points emission till 23 October is around 17,637,000 points. If we apply the same FDV scenario, the valuations can be: Overall: - Bear case: $17,637,000 - Base case: $47,619,900 - Bull case: $77,602,800 Daily: - Bear Case: $333,333 - Base Case: $899,999 - Bull Case: $1,466,665 Best Strategy to Earn Maximum Points - Right now, 90% of points are going to YT because it has a 5x boost. If we do a quick calculation on 100 alUSD, here is how it looks based on the above-mentioned FDVs: - 100 alUSD ➡️ 102.5 USDC - Underlying yield is 5.25%, so at maturity, 26.56 USDC will come back as yield. - Remaining 75.94 USDC, you will get an estimated 480 points at the current estimation. - Bear case: they will be worth $480. - Base case: they will be worth $1,296. - Bull case: they will be worth $2,112. All these things are just estimations. Always DYOR